Core Viewpoint - Hengqin Life Insurance has received official approval for a capital increase from the Guangdong Regulatory Bureau of the National Financial Supervisory Administration, raising its registered capital from 3.137 billion yuan to 4.989 billion yuan, marking the largest capital increase since its establishment. This move aims to address continuous losses and pressure on solvency while optimizing its equity structure through the introduction of two local state-owned shareholders for high-quality development breakthroughs [2][11]. Capital Increase Details - The capital increase involves an additional registered capital of 1.852 billion yuan, jointly subscribed by new and existing shareholders [2][11]. - Two new shareholders with local state-owned backgrounds are involved: Hengqin Deep Cooperation Investment Co., Ltd. subscribed 370 million yuan, and Hengqin Financial Investment Group Co., Ltd. subscribed 296 million yuan. The original shareholder, Zhuhai Huachuang Investment Management Co., Ltd., maintains a 49% stake, while Hengtong Group's stake slightly increased from 12.75% to 13.59% [12]. Financial Performance and Challenges - Hengqin Life Insurance has faced continuous losses since its establishment in 2016, with losses of 179 million yuan in 2022, 772 million yuan in 2023, and 564 million yuan in 2024. In the first three quarters of 2025, the company reported insurance business revenue of 5.673 billion yuan, a year-on-year decline of 22.83%, with a loss of 326 million yuan, although this represents an improvement of over 500 million yuan compared to the first half of the year [3][13]. - The solvency report for the third quarter of 2025 indicates a significant decline in comprehensive solvency adequacy ratio and core solvency adequacy ratio by 46.87 and 45.74 percentage points, respectively, with a cumulative net cash flow of -747 million yuan, highlighting urgent capital replenishment needs [3][13]. Business Transformation and Growth - Under new leadership, Hengqin Life Insurance has made significant breakthroughs in its transformation efforts, including the successful implementation of the "Jinlianhua" wealth management center model, which contributed to a 160% year-on-year increase in new individual insurance premium income in 2025, with the model accounting for 40% of this growth [4][14]. - The company has improved its financial investment return rate, ranking 11th among 72 life insurance companies by the end of the third quarter of 2025, and has achieved a year-on-year improvement of 208 million yuan in operational efficiency for 2024 [4][14]. Future Development Strategy - The chairman of Hengqin Life Insurance, Qian Zhonghua, outlined a development path focused on "six persistences" aimed at achieving high-quality growth, including adherence to party leadership, long-termism, strengthening asset-liability linkage, enhancing cross-border insurance product systems, market-oriented operations, and team building [5][15]. - The company has also secured an 1.1 billion yuan capital supplement bond issuance quota to further optimize its capital structure and enhance risk resilience [6][15]. Industry Context - The capital increase by Hengqin Life Insurance is part of a broader trend in the insurance industry, with multiple companies actively pursuing capital increases and bond issuances to meet regulatory requirements. As of December 22, 2025, the total amount of capital supplement bonds and perpetual bonds issued or approved in the insurance industry exceeded 100 billion yuan [7][16]. - The tightening of regulatory rules, particularly the "Second Phase of Solvency II" framework, has driven insurance companies to enhance their capital positions to meet stricter solvency requirements, with the transition period set to end in 2025 [8][16].
横琴人寿增资获批引入国资加持 险企密集“补血”应对偿二代二期大考
Xin Lang Cai Jing·2025-12-30 02:13